International Journal of Fiqh and Usul al-Fiqh Studies (IJFUS)
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The Penalty Clauses in Leasing Contract Which Ends With Ownership (al-Ijārah al-Muntahiyah bi al-Tamlīk): الشروط الجزائية في عقد الإجارة المنتهية بالتمليك
No full textتعد دراسة الشروط الجزائية من أهم المباحث التي ينبغي دراستها وتسليط الضوء عليها فقهيا؛ وذلك لأن معظم المصارف الإسلامية أصبحت عقودها تنص على كثير من الشروط الجزائية التي تحفظ لها حقوقها المالية، وتحقق لها كثيرا من الضمانات، وتقلل لديها كثيرا من المخاطر في تعاملاتها مع العملاء، وتعالج مشكلة المماطلة في الديون، والالتزامات المالية، فلا تجد عقدا من العقود إلا وفيه جملة من الشروط الجزائية، كشرط غرامة التأخير في حال التأخر في السداد، وكاشتراط أن تكون نفقات الدعوى القضائية على العميل المماطل، وغير ذلك من الشروط. فالحاجة ماسة لدراسة هذه الشروط الجزائية، ومعرفة مدى توافقها مع أحكام الشريعة أو مخالفتها لها؛ وذلك حتى تكون تعاملات المصارف الإسلامية خالية من التعاملات المحظورة أو المشبوهة، لا سيما تلك التي يكون فيها ربا أو شبهة ربا. وتأتي هذه الورقة البحثية كإسهام لإبراز الموقف الشرعي من الشروط الجزائية المطبقة في عقد الإجارة المنتهية بالتمليك.
الكلمات المفتاحية: الشروط الجزائية، عقد الإجارة المنتهية بالتمليك، فقه المعاملات.The study of penal clauses is one of the most important aspects that should be jurisprudentially studied and highlighted. This is because in their contracts, most of the Islamic banks have stipulated several penal conditions to preserve their financial rights, achieve guarantees, reduce their risks in dealing with customers, address the problem of procrastination in debt settlement and financial obligations. No contract exists without a set of penal clauses, such as the condition of penalty for delay in the event of late payment, the requirement that the expenses of the lawsuit should be paid by the procrastinator of debt and other conditions. There is an urgent need to study these penal conditions and identify the extent to which they agree or disagree with the rulings of Islamic Shariah so that the transactions of Islamic banks can be free of forbidden or suspicious transactions, especially those in which there is ribā or suspicion of ribā. This paper is an attempt to highlight the position of Sharia on the penal conditions applied in the Ijārah contract that leads to ownership.
Keywords: Penalty Clauses, Leasing Contract Which Ends With Ownership, Jurisprudence of Transaction
The Possibility of Implementing Mushārakah Mutanāqiṣah Contract in Home Financing at Hong Leong Islamic Bank: إمكانية تطبيق المشاركة المتناقصة في التمويل العقاري في هونغ ليونغ إسلاميك بنك
No full textMushārakah Mutanāqiṣah (MM) or Diminishing Partnership is one of the financing contracts that comply with Shariah and many Malaysian Islamic banks have introduced this mode of contract into their home financing product except Hong Leong Islamic Bank and some other Islamic banks who have not yet done so. Thus, this research intends to study the possibility of offering MM contract in Islamic Home Financing as a product at Hong Leong Islamic Bank. The researchers conducted a field study through several interviews with the staff working in the product development department and department of Shariah in some of the Malaysian Islamic banks. From the theoretical aspect, the researchers explain the concept of home financing, MM and the fiqh perspective of the subject in question. The responses received during the interviews are used to analyze the possibility of offering MM contract in Islamic Home Financing product at Hong Leong Islamic Bank. This research concludes that there is a possibility for Hong Leong Islamic Bank to do so, should it consider some suggestions presented in this paper.
Keywords: Mushārakah Mutanāqiṣah, Home Financing, Hong Leong Islamic Bank
Employees’ Shariah Provident Fund in Malaysia: A Juristic Analysis: صندوق التقاعد الشرعي للعمال بماليزيا: تحليل فقهي
No full textThe purpose of this article is to analyze the experience of the Employees’ Provident Fund or EPF in the management of the Shariah Fund and the jurisprudential adaptation of its activities and investments. This article selects the EPF in Malaysia as a model for analysis as a successful financial project. This article uses both inductive and analytical approaches to achieve its objectives. Malaysia's Shariah Retirement Savings Fund for workers needs to develop Shariah-compliant investment methods to achieve the objective of investing the savings of contributing members with a good financial return so that the members’ financial assets in the fund will increase. The article reveals that the Malaysian Workers’ Provident Pension Fund was developed on the wakālah (agency) contract which matches the nature of the fund's activities with its rich, flexible and secure features.
Keywords: Employees Provident Fund, Shariah Saving Account, Jurisprudence Adaptation, Wakālah Contract
Perceptions on Shariah Governance Framework of Islamic Banking In Oman: Issues and Challenges: تصورات حول إطار الحوكمة الشرعية للصيرفة الإسلامية في عمان: قضايا وتحديات
No full textOman has adopted the Sharī’ah governance framework which is very similar to other countries that face issues of Sharī’ah governance such as independence, competency, and disclosure. Therefore, this study will examine these main issues in the Sharī’ah governance framework of Oman. This paper aims to examine the current practice of Sharī’ah governance in Oman from the perspectives of Sharī’ah advisors, bankers and regulators. The paper focuses on the present practice of Sharī’ah governance framework and related issues such as independence, competency, and disclosure. The paper uses the descriptive research method in terms of collecting secondary data and information for the literature review. Since the availability of data and information on Sharī’ah governance practices in Oman is very limited, a semi-structured interview was conducted with Sharī’ah advisors, officers and regulators to explore their perceptions on Sharī’ah governance and related issues. The findings of the paper reveal that the regulators have put in place an excellent Sharī’ah governance framework and it may be considered as one of the best frameworks in the Islamic banking industry. However, there are shortcomings and weaknesses in the current practice of Sharī’ah governance frameworks, such as lack of experience, lack of research in the field of Islamic banking and finance and low position of internal Sharī’ah review. This study provides and proposes some recommendations for enhancing the present Sharī’ah governance framework.
Keywords: Shariah, Governance, Oman, Framework, Islamic Banking
Google and Segmentation of the Islamic Finance Body of Knowledge: غوغل وتجزئة الكم المعرفي لأبحاث التمويل الإسلامي
No full textThe study sets out to make evident the existences of segmentation of the Islamic finance body of knowledge (BOK). The segmentation results from the combination of dependency of Islamic finance researchers on google and using Islamic finance terms (IFTs) as search keywords. The study defines Islamic finance terminology as the Arabic/Islamic terms unique to Islamic finance literature written in English, e.g. Shariah. A distinctive feature of Islamic finance terms is that a single term can have many spelling variations. Firstly, to validate the presence of BOK segmentation, we investigated spelling variation among IFTs through a variation analysis among a sample of chosen terms. Secondly, we established the dependency of producers and users of Islamic finance literature on online resources and especially Google and Google Scholar using a survey. Lastly, we observed segmentation in the BOK by examining the absence of search results that overlap for IFTs and their variations. The spelling variations among our samples ranged from zero to eight with an average of (4.8) spelling variations per IFT. The dependency rate on online resources among our respondents was (99%) on Google, while Google Scholar scored (98%). The search results’ analysis yielded zero overlaps between the search results confirming the actuality of segmentation.
Keywords: Segmentation, Islamic Finance Terms, Google, Body of Knowledge, Spelling Variation
The Applications of Endowment on Women’s Inheritance in the Society of Reguiba District, Algeria: An Analytical Evaluative Study: تطبيقات الوقف على ميراث المرأة في مجتمع الرقيبة الجزائري: دراسة تحليلية تقويمية
No full textيُناقِش هذا المقال تطبيقات الوقف على ميراث المرأة بدائرة الرقيبة الجزائرية، ويهدف إلى الكشف عن مكانة المرأة في مجتمع الرقيبة. يطبق في الرقيبة وقف الميراث للذكور فقط دون الإناث ظلما، الأمر الذي يستوجب تصحيح هذا العرف الفاسد بأحكام الشّريعة الإسلامية. كما سيكشف عن دوافع المجتمع الرّقيبي الجزائري لارتكاب هذا الظلم المتمثل في السلطة الذُّكورية وسياسة التفضيل التي باتت متصلة بفكر المجتمع العربي والإسلامي على حد سواء، ولهذه الأسباب يجب الوقوف على مواطن الظلم؛ مما يمهّد لتسريع عملية تطبيق أحكام الشّريعة الإسلامية الصحيحة. واستخدم الباحثان في هذا المقال المنهج التحليلي والاستنباطي لرصد النتائج المتوخاة، وذلك من خلال استعراض لتطبيقات وقف الميراث للذكور دون الإناث، في المجتمع الرقيبي الجزائري تحت مسمى المصلحة العامة.
الكلمات المفتاحية: مكانة المرأة، تطبيقات الوقف، ميراث المرأة، الفقه.This article discusses the waqf applications on the inheritance of women in Reguiba District of Algeria and aims to reveal the status of women in the society of Reguiba. In Reguiba, the application of endowment of inheritance is only given to males; females are excluded unjustly. There is a need of correcting this corrupt custom according to the rulings of Islamic Shariah. It will also reveal the motives of the Algerian Reguiba society for applying this injustice that is carried out by the male authority and the policy of preference which has infiltrated the mindsets of the people of Arab and Islamic societies alike. For these reasons, it is necessary to know the points of injustice, which will pave the way for speeding up the process of applying the correct Islamic laws. In this article, the researchers used the analytical and deductive approaches to produce the expected results through the review of the application of endowment of inheritance for males excluding females in the Algerian Reguiba society that is occurring in the name of so called ‘public interest’.
Keywords: Women’s Position, Applications of Endowment, Women’s Inheritance, Islamic Jurisprudence
Endowed Agricultural Lands in the Kenyan Coast: A Juristic View on Problems and their Solutions: الأراضي الزراعية الوقفية في ساحل كينيا: رؤية فقهية في المشكلات والحلول
No full textThe history of endowments in the Kenyan coast dates back to the advent of Islam in this region. The first endowments in the Kenyan coast were mosques made of mud. This is because the early Muslims (Arabs) were business merchants who were not permanently living within the coast. They often used to come to the coast and set off for the Arabian Peninsula. The first endowment to be established in this region was the Friday congregational mosque at Shanga – a village in Pate island in Lamu county, dating back to 870 A.D. Later on, Muslims endowed the agricultural lands after noticing that the region’s land was fertile and suitable for agriculture, experiencing adequate rainfall and had a moderate climate throughout the year. However, these agricultural lands had been leased out for 99 years wherein the waqf commission received very little rent throughout this period until the expiry of the contract. Moreover, a large number of tenants refused to pay an annual rent for the real estates. So, Muslims incurred a great loss due to lack of proper usage of their resources. In order to avoid these problems, the researcher sees the need to establish agricultural projects such as the growing of mangoes, oranges, and bananas so that the income obtained can be used to benefit the Muslim community.
Keywords: Endowments, Agricultural lands, Kenyan Coast
The Objectives of Shariah in Will: A Case Study of As-Salihin Trustee Company: مقاصد الشريعة في الوصية: شركة الصالحين ترستي أنموذجًا
No full textالوصيّة هدية مال أو منافعه التي تثبت بعد وفاة الموصي. وهي صحيحة بغض النظر عن إيجادها في حالة الصحة أو المرض الأخير. وكانت معروفة قبل مجيء الإسلام، ولكن الإسلام جاء عليها بشروط لم تكن موجودة في الماضي. فقبل الإسلام كان صاحب المال يعصي من ماله وصية لمن يشاء ويحرم من يشاء؛ لذلك لم تكن للوصية قيمة إلى أن جاء الإسلام وأقرَّها بشروط معينة. وقد اقتضت حكمة التشريع الإسلامي مراعاة المصالح العامة للناس في تشريعاته المتعددة؛ لذلك فهو يهدف دائمًا إلى جلب كل ما تحققت فائدته، ودرء كل ما تحققت مفسدته، ومن هذه التشريعات الوصية، وذلك لحاجة الناس إليها. وهذه الورقة تأتي لتجلي مقاصد الوصية؛ حيث إن الشارع لم يغلق باب الخير ولم يمنع تدارك ما فات، فأجاز للعباد الوصية في جزء من مالهم ليعوّضوا ذلك التقصير، وليكون زيادة في حسناتهم قبل انقضاء آجالهم. ويظهر هذا المقصد للوصية من خلال نشاطات شركة الصالحين ترستي.
الكلمات المفتاحية: الوصية، مقاصد الشريعة، شركة الصالحين ترستي، المصلحة.Will (waṣiyyah) is a gift of property or a gift of the benefits of property which is established after the death of the testator. It is valid irrespective of it being made in a state of health or during the final illness. It was well known before Islam, but Islam introduced conditions for it, which did not exist in the past. In the pre-Islamic era, the owner of property simply used to make a will to whomever he wished and deprived whomever he wanted. This is why the will had no value during that era, till Islam came and approved it under certain conditions. The wisdom of Islamic Shariah requires the consideration of public interest in its various legislations. So, the Shariah always aims to achieve all those aspects whose benefits are well established, and to prevent all those aspects whose harms are well established. One of these legislations is making wills because human beings need it. This paper highlights the objectives of will, such as the Law Giver neither closed the door of doing good deeds, nor did He prevent from rectifying what is missing. So, He permitted His servants to make wills over a portion of their property, so that they can make up for their short comings and increase their good deeds before their deaths. This objective of will appears in the activities of the As-Salihin Trustee Company.
Keywords: Will, Maqāṣid al-SharīꜤah, As-Salihin Trustee Company, Interest
Value-Based Intermediation: An Analysis from The Perspective of Shariah And Its Objectives: الوساطة المبنية على القيمة: دراسة تحليلية من منظور الشريعة ومقاصدها
No full textDespite considerable growth across the globe, including Malaysia, Islamic banking and finance has witnessed substantial criticism over the lack of social concern in its economic activities, which is one of the most significant elements of the objectives of Shariah. Currently, Bank Negara Malaysia has taken a new initiative by introducing Value-Based Intermediation (VBI). It plays a crucial role in delivering the objectives of Shariah through various strategies. The aim of this paper, hence, is to explore the Shariah principles that have been embedded in VBI. It also aims to discuss the objectives of Shariah in VBI. This paper is qualitative, descriptive, and exploratory. It employs document analysis and library research whereby the data is mainly derived from both primary and secondary sources. This paper is confined to only a conceptual discussion on the implementation of Shari`ah and its objectives in VBI. The findings indicate that there are at least five Shariah principles that have been embedded in VBI. Furthermore, the general Shariah objective of having VBI is to deliver justice, establish values, and enhance social responsibility. However, the specific Shariah objective of VBI is to achieve preservation of wealth through various tools and mechanisms. Finally, this paper contributes to the body of knowledge by giving insights on the implementation of the Shariah and its objectives in VBI, and it could be used as a reference in developing a sound Islamic ethical foundation for future Islamic financial institutions that is lacking in Islamic finance literature.
Keywords: Value-Based Intermediation (VBI), Shariah, Maqasid al-Shari'ah